VELO Nasdaq Special Industry Machinery, Nec Financials FY2020βFY2025
Velo3D, Inc. had $46.0M of revenue in fiscal 2025, up 12.1% on the year before. Over five years, revenue changed +19.4% a year on average.
Last close Β· Oct 23, 2026
$6.64
2.3%Hi! I read Velo3D, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+12.1%
Yes. Sales grew 12.1% last year.
Does it make a profit?
β155.2%
No. It lost money last year.
Does profit turn into cash?
β65.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Velo3D, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 9, 2026
Monday Β· in 14 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Oct 15, 2026 | Period ended Sep 30, 2026 | Before the market opens | 8-K β |
| Aug 11, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 12, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 20, 2026 | Q4 '25 | Time not announced | 8-K β |
| Nov 10, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 6, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 13, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 31, 2025 | Q4 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Velo3D, Inc. had $46.0M of revenue in fiscal 2025, up 12.1% on the year before. Over five years, revenue changed +19.4% a year on average. Its operating margin was β119.5%, up 72.7Β pts: of every 100 in sales, about β119 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Velo3D, Inc. lost $71.4M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$30.0M in fiscal 2025, β65.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Velo3D, Inc. has $7.7M more cash than debt.
Cash, debt and the ratios that show how comfortably Velo3D, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $223M | $80.2M | $31.1M | $1.2M | $39.0M |
| Debt incl. finance leases | β | $8.4M | $44.3M | $11.6M | $31.3M |
| Debt / equity | β | 0.1x | 0.6x | 0.3x | 0.8x |
| Interest coverage | β21.1x | β285.8x | β13.7x | β4.9x | β12.6x |
| Current ratio | 5.7x | 3.7x | 2.3x | 1.5x | 2.4x |
| Quick ratio | 5.3x | 2.2x | 1.1x | 0.2x | 1.6x |
| Total assets | $303M | $223M | $154M | $89.2M | $105M |
| Total liabilities | $192M | $84.3M | $85.5M | $49.5M | $67.2M |
| Shareholders' equity | $110M | $139M | $68.3M | $39.7M | $38.2M |
| Net debt (β = net cash) | β | β$71.8M | $13.2M | $10.4M | β$7.7M |
KIRA Β· Its return on capital was β143.9%: every 100 invested in the business earned about β144 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Velo3D, Inc. passes 3 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 3 / 8 | 3 / 9 | 5 / 9 | 3 / 9 |
| Accruals ratio | 14.2% | β30.2% | 50.2% | β15.7% | β30.5% | β45.3% |
| Altman Z'' | β20.17 | 1.64 | β1.03 | β9.81 | β19.25 | β15.44 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $19.0M | $27.4M | $78.7M | $77.4M | $41.0M | $46.0M |
| Gross profit | $6.4M | $5.0M | $0.8M | β$26.3M | β$2.1M | β$7.4M |
| Research and development | $14.2M | $27.0M | $46.3M | $42.0M | $15.5M | $10.7M |
| Operating income | β$21.2M | β$57.8M | β$106M | β$133M | β$78.8M | β$54.9M |
| Interest expense | $0.6M | $2.7M | $0.4M | $9.7M | $16.0M | $4.4M |
| Pretax income | β$21.8M | β$107M | $8.0M | β$135M | β$69.8M | β$71.2M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | β$0.0M | $0.1M |
| Net income | β$21.8M | β$107M | $8.0M | β$135M | β$69.7M | β$71.4M |
| Net income to common | β$8.8M | β$107M | β | β | β | β |
| Diluted EPS | β$0.56 | β$1.82 | $0.04 | β$23.97 | β$82.32 | β$4.33 |
| Diluted shares | 0.02B | 0.06B | 0.20B | 0.01B | 0.00B | 0.02B |
| Cash flow | ||||||
| Cash from operations | β$26.4M | β$56.4M | β$124M | β$106M | β$32.7M | β$27.3M |
| Capital expenditure | $0.4M | $9.6M | $13.8M | $1.0M | $0.0M | $2.7M |
| Free cash flow | β$26.8M | β$66.0M | β$138M | β$107M | β$32.7M | β$30.0M |
| Depreciation and amortization | $1.2M | $3.0M | $5.3M | $9.3M | $4.8M | $3.4M |
| Stock-based compensation | $1.5M | $4.4M | $20.1M | $24.9M | $11.8M | $9.5M |
| Balance sheet | ||||||
| Cash and short-term investments | $15.5M | $223M | $80.2M | $31.1M | $1.2M | $39.0M |
| Total debt | β | β | $8.4M | $44.0M | $11.3M | $31.0M |
| Finance lease liabilities | $0.0M | $0.1M | $0.0M | $0.3M | $0.3M | $0.3M |
| Current assets | $27.9M | $268M | $172M | $113M | $57.7M | $80.1M |
| Current liabilities | $12.1M | $46.7M | $46.1M | $48.7M | $38.0M | $33.8M |
| Inventory | $7.3M | $22.5M | $71.2M | $60.8M | $50.0M | $27.1M |
| Property and equipment, net | $1.0M | $10.0M | $19.8M | $16.3M | $14.3M | $13.1M |
| Total assets | $32.7M | $303M | $223M | $154M | $89.2M | $105M |
| Total liabilities | $16.8M | $192M | $84.3M | $85.5M | $49.5M | $67.2M |
| Shareholders' equity | β$108M | $110M | $139M | $68.3M | $39.7M | $38.2M |
| Margins | ||||||
| Gross margin | 33.6% | 18.1% | 1.1% | β33.9% | β5.1% | β16.1% |
| Operating margin | β111.8% | β210.5% | β135.1% | β172.1% | β192.2% | β119.5% |
| EBITDA margin | β105.2% | β199.5% | β128.4% | β160.0% | β180.5% | β112.1% |
| Net margin | β114.9% | β390.3% | 10.1% | β174.5% | β170.1% | β155.2% |
| FCF margin | β141.5% | β240.6% | β175.1% | β137.8% | β79.7% | β65.3% |
| Returns | ||||||
| Return on capital | β | β | β158.8% | β129.6% | β125.0% | β143.9% |
| Return on capital employed | β103.1% | β22.6% | β60.1% | β126.8% | β154.0% | β76.8% |
| Return on equity | β | β8,256.8% | 6.4% | β130.5% | β129.2% | β183.4% |
| Return on assets | β66.7% | β63.9% | 3.0% | β71.7% | β57.4% | β73.4% |
| Return on tangible equity | β | β97.0% | 5.7% | β197.7% | β175.8% | β187.0% |
| Growth | ||||||
| Revenue growth | β | 44.6% | 186.8% | β1.6% | β47.1% | 12.1% |
| Net income growth | β | β | β | β1,795.8% | β | β |
| EPS growth | β | β | β | β60,025.0% | β | β |
| Share count change | β | 275.5% | 244.5% | β97.2% | β85.0% | 1,845.8% |
| Financial health | ||||||
| Debt / equity | β | β | 0.1x | 0.6x | 0.3x | 0.8x |
| Interest coverage | β33.2x | β21.1x | β285.8x | β13.7x | β4.9x | β12.6x |
| Current ratio | 2.3x | 5.7x | 3.7x | 2.3x | 1.5x | 2.4x |
| Quick ratio | 1.7x | 5.3x | 2.2x | 1.1x | 0.2x | 1.6x |
| Capital allocation | ||||||
| Capex / revenue | 2.1% | 35.1% | 17.6% | 1.4% | 0.0% | 5.9% |
| Stock comp / revenue | 7.7% | 15.9% | 25.6% | 32.2% | 28.8% | 20.7% |
| Quality scores | ||||||
| Piotroski F-score | β | 3.0 | 3.0 | 3.0 | 5.0 | 3.0 |
| Altman Z'' | β20.2 | 1.6 | β1.0 | β9.8 | β19.2 | β15.4 |
| Accruals ratio | 14.2% | β30.2% | 50.2% | β15.7% | β30.5% | β45.3% |
Source: SEC EDGAR XBRL filings (CIK 0001825079). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
